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How to develop your Entrepreneurial Thinking
Entrepreneurs are brilliant at thinking on their feet: they see alternatives quickly and are able to change paths easily. Set-backs don’t seem to stop them; they merely bring about a slight course correction.
Entrepreneurial thinking is all about harnessing passions, skills, experience, knowledge and insights, resources and networks to spot and take advantage of opportunities at the right time and in the right way.
Anyone can think like an entrepreneur; although it is true to say that it is more natural for some than others: Richard Branson, Jeff Bezos and Anita Roddick are phenomenally successful entrepreneurs, but there are also thousands of small businesses succeeding on a smaller scale, and there are hundreds of people employed in large organisations driving change and innovation.
‘The true entrepreneur is a doer, not a dreamer’ – Nolan Bushnell
Use our top tips below to help develop your entrepreneurial thinking:
A typical 4-year-old asks an average of 100 questions every day. They are naturally curious about the world, and entrepreneurs are too. There is never a fear of asking a ‘stupid’ question.
Entrepreneurs are excellent at improvisation. They thrive at being put on the spot and adapting to the situation as it unfolds. Find opportunities to come out of your comfort zone and put yourself in unfamiliar situations from time to time.
Be Open to Risk
Entrepreneurs fly the “OODA Loop,” i.e. “Observe, Orient, Decide, Act.” They make decisions quickly based on the best information they have at the time. This means risk is part of their day-to-day work. Speed up your decision time in non-critical areas.
‘Everyone can tell you the risk. An entrepreneur can see the reward’ – Robert Kiyosaki
Rest Your Brain
The unconscious brain makes connections that our conscious brain can’t. When we rest, or switch our focus to something else, the unconscious brain sets to work making random links between thoughts and experiences. That’s why we have so many ideas or solve so many problems when we are out walking the dog or taking a bath etc.
Be Ready To Fail
Not only do entrepreneurs accept failure, they expect failure, plan for failure, and learn from failure. They believe making mistakes is healthy and normal. They acknowledge mistakes, figure out what they can do to make up for them, and move on.
Exercise and Be Healthy
To maximise entrepreneurial thinking our brain needs to be in good working order. Eating healthily gives it the nutrition it needs. In addition, we need to exercise. When we exercise we release endorphins which (amongst other things) increase creativity and problem solving.
Don’t Go It Alone
Entrepreneurs are not an island. They do not work alone. Whether it’s business partners, investors, networking, or competition, successful entrepreneurs are never alone. They use other people to bounce ideas off, compensate for any gaps they have and to develop themselves. Actively develop and nurture your own network.
Successful entrepreneurs seek to be their own boss, set their own schedule, and be accountable to themselves. They also have a sense of self-driven discipline, and set clear and challenging goals for themselves.
Expose Yourself to New Situations
The more experience and stimulus we can give our brains, the rawer material it has for identifying opportunities, making connections and solving problems.
Take an Interest in Others
Entrepreneurs are always keen to hear other people’s stories and experiences. They know that their personal experience of the world is limited and the more perspectives they have on a situation/idea/problem the better they understand it. After all, knowledge is power.
Some Inspirational Entrepreneurs we can learn from:
Anita Roddick opened the first outlet of The Body Shop in 1976 with the goal of earning money to support herself and daughters whilst her husband was in South America. The idea was to provide really good skin care in containers that could be refilled. She opened a second shop six months later. By 2004, the Body Shop had 1980 stores, serving over 77 million customers throughout the world. It was voted the second most trusted brand in the United Kingdom, and 28th top brand in the world.
James Dyson says his time as a long-distance runner taught him about determination, which he needed on his long journey to success. He became hugely frustrated by the inefficiency of his vacuum cleaner and set about finding a better product. Partly supported by his wife’s salary, and after five years and about 5,100 prototypes, Dyson launched the “G-Force” cleaner in 1983. No manufacturer wanted his design until he took it to Japan, where it won a design award. After failing to sell his invention to any major manufacturers, Dyson set up his own manufacturing company, Dyson Ltd. in June 1993, and his net worth is estimated at £7.8 billion.
Jeff Bezos – founder of Amazon – left his successful and well-paying job in 1994 for this internet venture. He wanted to take advantage of the internet boom and began his work from his garage. The business grew unimaginably fast. In 1997, Amazon.com went public and in just two years, Amazon’s shares were more than twice of its biggest competitors. Most of the investors were members of Bezos’ family and – a decade later – those who had invested in it were billionaires. Bezos’ strategy was to increase Amazon’s shares as quickly as possible so Amazon could become the ‘World’s biggest anything store’.
‘Think big and don’t listen to people who tell you it can’t be done. Life’s too short to think small’ – Tim Ferriss
Entrepreneurial Thinking is just one training solution within our business skills offering to really inspire personal growth. Take a look now!